FTC Solar (FTCI) AI Stock Analysis

• Market Cap: $58.88M
• Dividend Yield: N/A
• Average Volume (3M): 90.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.61
• Revenue Growth: -43.69%
• EPS Growth: 12.75%
• Country: US
• Employees: 202
• Sector: Technology
• Sector Strength: 84
• Industry: Solar
• EPS (TTM): N/A
• Shares Outstanding: 13,083,998
• 10 Day Avg. Volume: 104,054
• 30 Day Avg. Volume: 90,254
• PEG Ratio: 1.30
• Price to Book (P/B): 40.90
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -48.97
• Enterprise Value/Market Cap: 45.43
• Enterprise Value/Revenue: 11.24
• Enterprise Value/Gross Profit: -191.96
• Enterprise Value/Ebitda: -14.83
• 1Y Price Target: $4.20
• Price Target Upside: -6.87% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5

• Rating: 60 Neutral
• Price Target: $4.50 ▼(-0.22%Downside)

FTC Solar's overall stock score reflects significant financial challenges despite strong technical indicators and positive sentiment from recent earnings. While the technical analysis and earnings call suggest potential for growth, the financial performance and valuation concerns warrant caution.

Positive Factors

Backlog and Contracts

FTC Solar's backlog increased to $502mn, driven by Tier 1 contract wins, solidifying its position with globally diversified Tier 1s.

Strategic Agreements

FTC Solar signed a 5 year, 5 GW supply agreement with Recurrent Energy, indicating growing commercial traction.

Negative Factors

Cash Reserves

The decrease in cash reserves raises concerns about sustainability in the absence of a turnaround in profitability.

Margins and Scale

Margins remain under pressure due to lack of scale, with gross margins expected to stay negative.

FTC Solar Business Overview & Revenue Model

Company Description

FTC Solar (FTCI) is a company that specializes in providing innovative solar tracker solutions for utility-scale solar projects. Operating in the renewable energy sector, FTC Solar focuses on the design, engineering, and supply of advanced solar tracking systems to enhance the efficiency and performance of solar power plants worldwide. The company's core products include the Voyager solar tracker and related software and hardware components that optimize energy output and reduce costs for solar developers and operators.

How the Company Makes Money

FTC Solar generates revenue primarily through the sale of its solar tracking systems, including the Voyager tracker, which is designed to increase the energy output of solar panels by enabling them to follow the sun's path across the sky. The company earns money by contracting with solar project developers and operators, providing them with tailored solar tracker systems and related services. Key revenue streams include equipment sales, installation services, and ongoing maintenance and support. Additionally, FTC Solar may engage in partnerships or collaborations with other firms in the renewable energy sector, contributing to its revenue through co-developed projects or shared technology solutions.

FTC Solar Financial Statement Overview

Summary

FTC Solar's financial performance is weak with persistent losses, negative cash flows, and a moderate leverage on the balance sheet. Despite slight improvements in the gross profit margin, the overall financial health is concerning.

Income Statement

FTC Solar's income statement shows persistent losses, with a negative net profit margin and continuous EBIT and EBITDA losses. Revenue has decreased significantly from previous years, indicating a challenging business environment. Although the gross profit margin improved slightly in TTM, the company still faces substantial profitability concerns.

Balance Sheet

The company's balance sheet exhibits a moderate debt-to-equity ratio, suggesting some financial leverage but not excessively high. The equity ratio indicates a low proportion of equity to total assets, which could pose risks. However, the company has managed to maintain some level of equity despite ongoing losses.

Cash Flow

The cash flow statement shows negative operating and free cash flows, reflecting operational and capital challenges. The free cash flow growth rate is negative, indicating cash flow deterioration. However, financing cash flows have been positive, suggesting reliance on external funding to support cash needs.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
55.57M	47.35M	127.00M	123.07M	270.52M	187.35M
	Gross Profit
-13.93M	-12.59M	8.31M	-27.23M	-32.55M	3.64M
	EBIT
-50.89M	-52.83M	-50.78M	-99.57M	-126.80M	-16.93M
	EBITDA
-44.85M	-46.04M	-49.00M	-97.30M	-105.37M	-16.88M
	Net Income Common Stockholders
-43.65M	-48.61M	-50.29M	-99.61M	-106.59M	-17.32M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
5.91M	11.25M	25.23M	44.38M	102.19M	32.36M
	Total Assets
84.06M	89.93M	123.07M	134.40M	243.02M	71.39M
	Total Debt
11.14M	10.63M	1.86M	1.20M	1.79M	1.78M
	Net Debt
5.23M	-615.00K	-23.37M	-43.18M	-100.39M	-30.57M
	Total Liabilities
68.53M	70.89M	60.60M	67.95M	100.15M	63.94M
	Stockholders Equity
15.53M	19.04M	62.47M	66.45M	142.87M	7.45M
Cash Flow		Free Cash Flow
-32.62M	-36.34M	-53.47M	-55.49M	-133.88M	-767.00K
	Operating Cash Flow
-31.32M	-34.70M	-52.66M	-54.51M	-132.85M	-511.00K
	Investing Cash Flow
6.77M	6.26M	-397.00K	-4.25M	21.31M	1.87M
	Financing Cash Flow
14.50M	14.50M	33.95M	903.00K	180.37M	23.78M

FTC Solar Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.51
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTCI, the sentiment is Positive. The current price of 4.51 is above the 20-day moving average (MA) of 4.08, above the 50-day MA of 3.41, and above the 200-day MA of 3.87, indicating a bullish trend. The MACD of 0.28 indicates Negative momentum. The RSI at 66.58 is Neutral, neither overbought nor oversold. The STOCH value of 88.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FTCI.

FTC Solar Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$11.93B	10.60	-7.51%	3.00%	7.40%	-8.09%
FTCI	60 Neutral	$58.88M	―	-123.52%	―	-43.69%	12.75%
TURB	54 Neutral	$25.78M	―	-84.64%	―	-52.61%	-987.53%
SPRU	43 Neutral	$33.87M	―	-49.28%	―	8.97%	-68.08%
BEEM	40 Neutral	$24.06M	―	-64.61%	―	-40.34%	-39.60%
NOVAQ	40 Underperform	$1.89M	―		―	16.55%	15.72%
MAXN	40 Underperform	$57.87M	―	307.38%	―	-54.68%	63.56%

FTC Solar Corporate Events

FTC Solar Holds Annual Stockholders Meeting on June 11

FTC Solar, Inc. held its Annual Meeting of Stockholders on June 11, 2025, where key decisions were made regarding the company’s governance and financial oversight. During the meeting, stockholders elected directors to serve until 2028 and ratified the appointment of BDO USA, P.C. as the independent registered public accounting firm for the year ending December 31, 2025, reinforcing the company’s commitment to maintaining robust financial practices.

The most recent analyst rating on (FTCI) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on FTC Solar stock, see the FTCI Stock Forecast page.

FTC Solar Enters New At-The-Market Offering Agreement

On May 1, 2025, FTC Solar, Inc. entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC to sell shares of its common stock, valued up to $11,350,576, through an at-the-market offering program. The agreement allows FTC Solar to raise capital for working capital and general corporate purposes, but the company is not obligated to sell any shares, and the agreement can be terminated by either party. This move could impact the company’s financial strategy and market position, offering flexibility in capital management.

FTC Solar Appoints New Independent Directors Amid Growth

FTC Solar announced its first-quarter 2025 financial results, highlighting a 58% quarter-over-quarter revenue increase to $20.8 million, surpassing targets. The company also reported cost efficiencies and increased customer interest, with bid activity up 60% year-over-year. The board was strengthened with the appointment of Darrell Jackson and Maximillian Sultan as independent directors on April 28, 2025. These developments, along with an expanded product line and strategic agreements, position FTC Solar to capture significant market share in the growing solar industry.